Cryptocurrencies, Russia wants to limit their purchase by non-accredited investors

Cryptocurrencies, Russia wants to limit their purchase by non-accredited investors


According to the president of the Russian State Duma's Financial Markets Committee, Anatoly Aksakov, lawmakers in the country's parliament are considering new legislation to limit cryptocurrency investments by non-accredited investors. The official made his remarks at a Bank of Russia-backed event dedicated to protecting financial consumers.

“Digital currencies are subject to our greatest attention and we will seek to provide maximum protection for our investing citizens in digital assets because it is a new tool and it is quite difficult for an unskilled investor, ”Aksakov said.

Investing in cryptocurrency is associated with many promising risks and returns, with global investors pouring out billions of dollars in cryptocurrencies, Aksakov said. "We certainly need to provide specific legislation to protect an unprofessional investor from reckless investing in digital currencies," he said.

The latest news is in line with the Bank of Russia's new plans to slow transactions towards crypto exchanges in order to protect retail investors from “emotional” cryptocurrency purchases. Sergey Shvetsov, the first deputy governor of the Bank of Russia, argued that this measure would protect Russian investors from losses in a scenario where the cryptocurrency market "collapses to zero".

Cryptocurrencies like bitcoin are emerged as a popular investment tool in Russia. According to an August survey by the Russian Association of Forex Traders, 77% of Russian investors said that cryptocurrencies are the "most forward-looking" investment.

Check out the 10 best cryptocurrencies to invest in October 2021

Cryptocurrency is regaining popularity as interest in it increases. The world is going crazy about cryptocurrencies, blockchain technology, and decentralized finance (Defi) as the market saw a major gain in the first half of this year. This craze has led to the rise of new and young cryptocurrencies. Coins like Bitcoin, Ethereum, Cardano, Dogecoin, and Tether have a much greater share of headlines and became immensely popular in the first quarter of the year 2021. This article lists the 10 best cryptocurrencies to invest in in October 2021.

Bitcoin (BTC)

Market cap: US$1,045,381,705,616

Bitcoin has been around for the longest of any cryptocurrency. It’s easy to see why it’s the leader, with a price, market cap, and volume that’s much higher than any other investment option. Even with thousands of other cryptocurrencies on the market, Bitcoin still represents over 43% of the cryptocurrency market cap. Many businesses already accept Bitcoin as payment, which makes this cryptocurrency a smart investment. Visa, for example, transacts with Bitcoin. Additionally, Tesla announced in February that it has invested $1.5 billion in it, and for a time, the company accepted it as payment for its cars and it soon might again. Plus, the larger banks are beginning to incorporate Bitcoin transactions into their offerings, too.

Ethereum (ETH)

Market cap: US$409,397,530,375

Ethereum is different from Bitcoin because it isn’t only a cryptocurrency. It’s also a network that allows developers to create their cryptocurrency utilizing the Ethereum network. After Bitcoin, it is the second-largest cryptocurrency in terms of market capitalization. Vitalik Buterin, a programmer, proposed Ethereum in 2013. The network went live on July 30, 2015, with an initial supply of 72 million coins, after being crowdfunded in 2014. Ethereum is used for decentralized finance, the production and exchange of non-fungible tokens (NFTs), and many Initial Coin Offerings (ICOs).

Tether- USDT

Market cap: US$68,471,968,341

Tether, previously known as Realcoin, was launched in 2014 and is one of the first cryptocurrencies to be pegged to the US dollar. Tether is a blockchain-based cryptocurrency whose crypto coins are backed by an equal sum of conventional fiat currencies kept in a specified bank account, such as the dollar, euro, or Japanese yen. The Tether is a stablecoin, a form of cryptocurrency that aims to hold cryptocurrency prices stable, as opposed to the large fluctuations seen in the prices of other common cryptocurrencies including Bitcoin and Ethereum. Tether was the third-largest cryptocurrency by market capitalization in January 2021, with a total market capitalization of $24.4 billion and a per token value of $1.00.

Binance Coin (BNB)

Market cap: US$69,014,541,248

Binance Coin is one of the few cryptocurrencies to reach its peak after 2017. During that year, there was a bull market and the price of all cryptocurrencies rose on it, reaching a peak before plateauing and decreasing in value. Unlike other cryptocurrencies, Binance Coin continued a slow but consistent trend upward after 2017. Because of its performance, Binance Coin has proven to be one of the more stable investment options, posing fewer risks.

Cardano (ADA)

Market cap: US$70,693,329,240

The Cardano network has a smaller footprint, which is appealing to investors for several reasons. It takes less energy to complete a transaction with Cardano than with a larger network like Bitcoin. This means transactions are faster and cheaper.

It claims to be more adaptable and more secure. Cardano consistently improves its development to stay ahead of hackers.

Ripple’s XRP

Market cap: US$54,004,815,166

Ripple which was released in 2021 is one of the oldest blockchain projects in the world. It is not like the other coins as its goal is to make cross-border payments easier. Ripple is a cryptocurrency and a digital payment network for financial transactions that was first released in 2012. Ripple Labs created XRP as a payment token to be used on its decentralized payment system. XRP is used with a network of validation nodes rather than a blockchain, as the company started with a blockchain-based system.


Market cap: US$11,921,074,731

LINK is among the best coins to invest in this year as this project still arouses the interest of retail and institutional investors alike. Chain Link expands the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology.

Dogecoin (DOGE)

Market cap: US$30,674,453,874

Started as a meme cryptocurrency Dogecoin has come a long way. The year 2021 has been a year of revelation for the coin. The huge increase of 15,000% makes it one of the hot cryptocurrencies to buy before it explodes. Doge has given a huge encouragement to all altcoins who were trying to prove their existence in the market. With a huge push by Tesla and SpaceX boss Elon Musk Dogecoin has become a pioneer of a new race of digital assets.

Polkadot (DOT)

Market cap: US$34,502,398,050

Polkadot is a one-of-a-kind proof-of-stake cryptocurrency that aims to provide blockchain interoperability. Its protocol links permissioned and permissionless blockchains, as well as oracles, allowing systems to interact under one roof. Polkadot was created by Gavin Wood, Thiel Fellow Robert Habermeier, and Peter Czaban. Gavin Wood is a co-founder of the Ethereum Project and was previously the Chief Technology Officer. Via the Polkadot relay chain, Polkadot enables an internet where independent blockchain can share information and transactions in a trustless manner. Polkadot aims to make creating and connecting decentralized apps, utilities, and organizations easier.


Market cap: US$14,845,583,161

UNI Uniswap is a cryptocurrency exchange protocol that operates on a decentralized basis. The name of the company that created the Uniswap protocol is also Uniswap. Through the use of smart contracts, the protocol allows for automated transactions between cryptocurrency tokens on the Ethereum blockchain.

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